The EIB is lending €400 million to Czech energy company ČEZ Group for the modernization and expansion of the country's electricity distribution network.
ČEZ said it intends to reconstruct networks, install remotely controlled energy supply systems and build infrastructure capable of integrating solar and wind energy with the funding.
It is envisaged the modernization will help absorb up to 5.5 GW of new renewable sources. The work is due to be completed in 2026.
EIB Vice President Kyriacos Kakouris said the bank is committed to financing projects that increase energy resilience, support ecological transformation and strengthen Czechia’s energy independence.
“Investments in the modernization of our network increase every year and gradually transform the entire distribution environment, in which fast access to information plays an increasingly important role,” added Martin Novák, ČEZ director of finance. “Modern technologies are penetrating all parts of the distribution systems, and thanks to our strong partnership with the EIB, we are determined to accelerate this process.”
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